The Goldman Sachs Group Issues Pessimistic Forecast for Topgolf Callaway Brands (NYSE:MODG) Stock Price

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) had its target price cut by equities research analysts at The Goldman Sachs Group from $14.00 to $12.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's price objective points to a potential upside of 44.58% from the company's current price.

Other analysts have also recently issued research reports about the company. Morgan Stanley cut their target price on Topgolf Callaway Brands from $11.00 to $10.00 and set an "underweight" rating on the stock in a research report on Thursday, August 8th. Truist Financial decreased their price objective on Topgolf Callaway Brands from $16.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday. JPMorgan Chase & Co. reduced their price target on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a "neutral" rating for the company in a research report on Wednesday. KeyCorp lowered shares of Topgolf Callaway Brands from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 8th. Finally, B. Riley downgraded shares of Topgolf Callaway Brands from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $14.92.

Topgolf Callaway Brands Stock Down 3.2 %

Shares of NYSE MODG traded down $0.27 during mid-day trading on Thursday, reaching $8.30. The company had a trading volume of 1,805,812 shares, compared to its average volume of 2,508,877. Topgolf Callaway Brands has a 52-week low of $8.29 and a 52-week high of $16.89. The stock has a market cap of $1.53 billion, a P/E ratio of -107.24, a PEG ratio of 6.06 and a beta of 1.75. The company has a current ratio of 1.93, a quick ratio of 1.15 and a debt-to-equity ratio of 0.37. The firm has a 50 day simple moving average of $10.14 and a two-hundred day simple moving average of $12.90.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC grew its stake in Topgolf Callaway Brands by 50.8% in the 1st quarter. SG Americas Securities LLC now owns 35,142 shares of the company's stock valued at $568,000 after acquiring an additional 11,841 shares during the last quarter. Sei Investments Co. increased its position in Topgolf Callaway Brands by 161.7% during the first quarter. Sei Investments Co. now owns 241,798 shares of the company's stock worth $3,910,000 after buying an additional 149,402 shares in the last quarter. QRG Capital Management Inc. acquired a new stake in shares of Topgolf Callaway Brands during the first quarter valued at $178,000. US Bancorp DE increased its position in Topgolf Callaway Brands by 1.4% during the 1st quarter. US Bancorp DE now owns 137,187 shares of the company's stock worth $2,218,000 after purchasing an additional 1,922 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Topgolf Callaway Brands by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 28,982 shares of the company's stock worth $469,000 after purchasing an additional 1,997 shares during the last quarter. Hedge funds and other institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.